American enterprise data management company Informatica has signed a multi-year agreement with the Abu Dhabi Digital Authority (ADDA) to provide the city’s government entities with cloud services. Informatica will be a non-exclusive supplier to all 76 Abu Dhabi government entities who will be able to use its data management cloud to manage and derive insights from their data on any platform. The procurement is part of the Abu Dhabi Data Enablement Programme, a multi-year strategy to provide government entities with standardised technologies to help develop the data value chain. The ADDA is the Abu Dhabi government’s digital services arm established…

Cairo-based Gen Z money app Telda has raised US$20 million in seed funding led by Global Founders Capital with participation from Sequoia Capital and new investor Block, Inc. According to TechCrunch, Telda aspires to be a digital bank but it was only able to receive approval from the Central Bank of Egypt (CBE) to launch its Mastercard card and mobile application in July. The company started operations in September and has onboarded 25,000 cards so far, with another 110,000 customers waiting for their cards to be issued. Telda was founded in 2021 by transportation app SWVL co-founder Ahmed Sabbah and…

UAE banking group Emirates NBD and Microsoft announced that they will collaborate on areas such as the hybrid workplace, low code, Web 3.0, sustainability, and employee wellbeing. The announcement, which was made at GITEX Global 2022, follows the bank’s recent digital transformation and is in line with its enhanced digital partnerships and fintech engagement operating model. Emirates NBD and Microsoft will explore ways to leverage low-code development, enhance employees’ productivity and wellbeing, and ensure continuous innovation towards Net-Zero. The companies will also explore bringing the world of mixed reality to the financial services market, supporting the UAE’s metaverse strategy, and…

Abu Dhabi’s tech hub Hub71 has partnered with Nigerian platform GetFundedAfrica, a marketplace that matches startups seeking funding with investors, corporations and government. The partnership aims to provide a soft landing for Hub71 startups looking to expand into Africa, and for African startups looking to enter the UAE and larger Middle East market. Startups will be supported by Hub71 and GetFundedAfrica in areas such as incorporation, licensing, bank account opening, as well as introductions to potential customers, investors, and employees. Additionally, UAE startups will be able to utilise the Ogun Technology Hub in Kobape, Nigeria as a base in the…

Jordan Kuwait Bank (JKB) has joined Mastercard’s fintech startup accelerator Mastercard Fintech Express as a global partner — the first bank in Jordan to do so. The programme, which is part of the Mastercard Accelerate initiative, helps startups obtain a Mastercard license, develop products using its payment solutions, and engage partners through the Fintech Express network. Mastercard Acclerate was launched in October 2019 to simplify the way Mastercard works with fintech startups. Other programmes under the initiative include Start Path for later-stage and corporate startups. Bahrain’s NEC Payments was the first company to join the Mastercard Fintech Express programme as…

Venom Foundation is the first crypto foundation to be granted a license to operate a blockchain and issue utility tokens in the Abu Dhabi Global Market (ADGM). The foundation’s aim is to develop and support a self-sufficient blockchain ecosystem to enable organisations to build blockchain and digital asset products in the region. Venom Foundation says that its product ecosystem currently includes a non-custodial wallet, a decentralised exchange, as well as solutions to access transaction histories and stake on validator nodes. The foundation’s first members include UAE asset manager Mustafa Kheriba, Swiss attorney Dr Kai-Uwe Steck, and former CEO of UAE…

In the Middle East and Turkey, young and tech-savvy consumers are driving demand for fintech products and services. Mastercard researches show that not only usage of fintech solutions is raising in the region, but digital tools are also becoming a prerequisite in consumers’ eyes, a new report by the credit card network points out. 89% of consumers surveyed earlier this year across the region indicated having used at least one emerging payment method during the previous 12 months, including tappable smartphone mobile wallets, buy now, pay later (BNPL), biometrics, and payment-enabled wearable tech devices, showcasing how popular and prevalent digital…

Mastercard has invested in Nclude, a fintech-focused VC investment platform launched in partnership with Egyptian banks Banque Misr, Banque Du Caire and the National Bank of Egypt. Founded in 2022, the company has received US$100 million in funding from the three aforementioned banks, in addition to the Egyptian Banks Company and eFinance. Nclude invests in early and growth stage fintech and fintech-enabled startups in Egypt, as well as startups based in the Middle East and Africa that are looking to expand their operations to Egypt. The company’s cheque sizes are in the US$500,000 to US$5 million range. Its portfolio currently…

Corporate venture capital (CVC) deals declined on the whole in terms of number and volume in the first half of 2022, though the average deal size increased to US$35 million in the second quarter of the year. This is according to European corporate venture builder Stryber’s bi-annual Corporate Venturing Report for MENA, which also found Israel, Saudi Arabia and Egypt to lead in terms of deal volume. Two fintech companies—Saudi Arabia’s Foodics and Bahrain’s Rain—were among the three largest CVC funding rounds in the region during the period. UAE, Israel and Bahrain led in terms of M&A deal volume by…

Dubai-based financial services platform Five FS has launched in the UAE and Saudi Arabia, and raised US$3.5 million in seed funding led by Romanian vc firm Zeyshare Ventures at a US$30 million valuation. Five FS helps users get better offers for what it calls the five essential financial services—loans, mortgages, deposits, insurance and leasing—by pitting financial institutions against each other in a bidding process. Users can submit applications for such services on the platform to be matched with Five FS’ partner institutions who will respond with offers that the users can then choose from. The company also has embedded finance…

Amazon has launched an Intellectual Property (IP) Accelerator programme in the UAE to connect small and medium-sized enterprises (SMEs) with a curated network of IP law firms. The accelerator, which is available to any brand selling on Amazon.ae, aims to make it easier and more cost effective for SMEs to file a trademark with the UAE Ministry of Economy. Law firms within the network will charge reduced, pre-negotiated rates for trademark registration and related advisory services. To date, participating law firms are SABA IP and Cedar White Bradley. In addition to IP Accelerator, Amazon’s Brand Registry helps SMEs manage and…

Dubai-based money app Mamo has been granted a license by the Dubai Financial Services Authority (DFSA) to operate within the Dubai International Financial Centre (DIFC), a special economic zone and leading financial hub in the Emirates. The company was previously granted an Innovation Testing License (ITL) in June 2021 which enabled it to operate in a controlled regulatory environment to test its business model. Mamo currently has two products: a payment link service for businesses and a peer-to-peer digital wallet for consumers. Founded in 2019, the company previously raised US$8 million in a funding round led by Global Ventures in 2021…

Crypto giant Binance says that it has seen a 49% increase in user sign-ups year-to-date across the Middle East and North Africa in a blog post sharing the company’s progress in the region. Its Dubai office has grown to over 400 employees, with new executive hires including Alex Chehade as General Manager, as well as Nadeem Ladki and Bader Kalooti as its business development and marketing heads for MENA. Binance also recently obtained a Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), allowing it to offer a range of approved virtual asset-related services to qualified investors…

Chinese financial technology company OneConnect has launched a regional operations hub in the Abu Dhabi Global Market (ADGM) to introduce its digital banking solutions. OneConnect and the ADGM previously worked together on the ADGM Digital Lab, a marketplace and industry sandbox to encourage the development of fintech solutions under the guidance and supervision of the Financial Services Regulatory Authority (FSRA), which was launched in April 2021. The platform comprises a product and API marketplace where fintech firms looking to do business in the MENA region can showcase their solutions and access tools for product experimentation. More recently, ADGM started a project…

P2P payments company MoneyGram International and Dubai-based Jingle Pay have entered a partnership to enable consumers in the UAE to send money in near real-time to over 200 countries and territories. Founded in 2019, Jingle Pay’s mobile payment platform — now powered by MoneyGram’s global payment rails — offers a multi-currency account and card, remittance, nano financing, and money transfer services. The company says that its service aims to serve the nine million expatriates based in the UAE who constitute approximately 89% of the population. MoneyGram has also acquired a minority 12% equity stake in Jingle Pay, with MoneyGram Chairman…

Six fintech startups from the Middle East made this year’s Fintech 250, CB Insights’ annual list of the 250 most promising private fintech companies in the world. The 250 winners were selected from a pool of over 12,500 eligible private companies based on CB Insights’ internal benchmarks as well as analyst briefings submitted by applicants. Factors that were taken into account include funding, market potential, business relationships, investor profile, news sentiment analysis, competitive landscape, team strength, and tech novelty. According to CB Insights, globalisation is a key theme for this year’s Fintech 250 with winners headquartered in 33 countries across…

The Saudi Central Bank (SAMA) has added four open banking startups to its regulatory sandbox, bringing the number of companies currently operating under the sandbox to 27. 42 companies have been granted permits to operate under the regulatory sandbox to date, of which 15 have graduated by obtaining full authorisations and licenses. The previous batch of open banking startups—Mod5r and Lean Technologies—were granted permits in August 2022. SAMA’s regulatory sandbox was launched in 2018 as part of its efforts to support the Financial Sector Development Programme and the Saudi Vision 2030. The central bank recently updated the sandbox’s framework to…

Saudi-based point of sale startup NearPay has closed a US$3.6 million pre-series A funding round led by Vision Ventures, with participation from Hala Ventures, Arzan VC, Palm Ventures, and angel investors. Founded in 2020, NearPay provides a solution that allows merchants to accept payments through their mobile phones without the need for specialised hardware such as payment terminals. The company has over 15 clients and it has also obtained security certificates for all payment networks including the MasterCard Level 3 MTip Certification and VISA Level 3 Certification. The latest funding will be used to enhance NearPay’s offering as well as expand…

Digital bank Wio has partnered with Meydan Free Zone to provide digital banking services to startups, freelancers, and small and medium enterprises operating in the free zone. Meydan Free Zone is a digital free zone in Dubai which was founded in 2009. The free zone issues Free Zone Limited Liability Company (FZ-LLC) licenses which allows for complete foreign ownership. Wio is an Abu Dhabi-based startup which launched its digital banking app for businesses in September 2022. One of its board members made headlines recently for launching a new US$200 million venture fund. The partnership agreement was signed by Wio’s Chief…

Emirates Post Group announced that it will launch its new fintech arm FINTX later this month during the annual Gulf Information Technology Exhibition or Gitex Global 2022 event in Dubai. FINTX will contribute to the UAE’s fintech ecosystem by transforming the Emirates Post Group’s existing financial services companies, as well as on launching new ventures and partnerships. Headquartered in Dubai, Emirates Post Group manages and operates the Emirates’ postal service and is responsible for licensing all postal, courier and logistics services in the UAE. The group’s existing financial services companies include UAE exchange house Wall Street Exchange Centre which was…